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2021-04-07

What's next for crypto regulation in Russia?

A group of Russian lobbyists led by the law firm Digital Rights Center has launched a new campaign against regulatory initiatives that it believes hinder cryptocurrency adoption in the country.

 

The group has created a platform to help resist the adoption of regulations that hinder the trading of cryptocurrencies and digital assets in Russia, Digital Rights Center announced on Tuesday . Other founding members of the initiative include the Commission on Blockchain Technology and the Digital Economy, the Russia-wide public organization Investment Russia and the non-profit RosComSvoboda.

 

The campaign , called the "Public Initiative of the Cryptocurrency Community in Russia," argues that the proposed regulations for digital currencies in Russia "do not meet the needs of the market."

 

The group also launched a public petition addressed to Russia's main regulatory bodies, including the Ministry of Finance, the Ministry of Economic Development, the Bank of Russia, the Federal Tax Service and the Russian State Duma's Financial Markets Committee.

 

The petition, available on the Change.org petition site, urges authorities to reconsider their approach to regulating cryptocurrencies in the country. They also hope to prevent the adoption of four separate cryptocurrency-related regulatory initiatives, including Russia's new cryptocurrency tax plan . The State Duma approved the bill in its first reading in February.

 

The new petition comes amid reports that Russia's Federal Tax Service intends to require citizens to inform authorities if they hold cryptocurrencies. According to a purported letter to Data Economy, a local autonomous non-profit organization, the regulator plans to enforce this requirement as part of a federal bill on taxes on cryptocurrencies.